Global marketplace is going through drastic changes andindustry players find their marketing playbook becoming obsolete. Market todayconsists of hundreds of salesmen, all pushing their products which are similarin nature and shoppers keep moving from store to store, bargaining. The pricesfall eventually, a decision taken by the business owners hoping for a lastingrelationship with the consumer. There is an increase in the amount ofdisposable income of the people, and media has created a change in theirlifestyle. Despite consumers tend to spend more, marketers are finding itdifficult to maintain or increase their wallet share due to globalization andcut-throat competition.


But successful products touch the customer emotionally. Aclear understanding of the customers psychology is essential for companies tosustain themselves in the market. Businesses formulate their strategies in sucha way that the product become more appealing to the consumers, and turns anordinary shopper into a long term consumer. Brands plan their marketing so asto create and maintain a long term relationship with the consumer.


Various components are used in the marketing plans of abusiness; advertising, promotion, packaging, media weight level, sales forcenumber etc. But, the number of inputs and the resulting outcome in terms ofsales or profit is the workhorse. Marketing mix modeling is the art of usingstatistical analysis on sales and marketing to estimate and manipulate variouspromotional tactics on sales, and further forecast the result of promotionaltactics.


Marketing Mix Modeling in the Apparel Business:


Consumers are getting quickly immune to the marketingtactics of businesses, and margins are being squeezed by demanding customers. Focusis getting shifted from mass advertising to making of new trends. Clothingindustry is a very competitive arena. Due to the highly fragmented nature ofapparels, and fashion sector, an apparel brand must differentiate itself fromits competitors right from the stage it enters the market.


Price:


In case of apparels, especially in fashion, price is not ofbig importance. Gone are the times when companies competed on price. Service isthe key today which will shift to focus on personality in the future. Innovativedesigns are no longer a competitive advantage. New sketches are transformedinto garments and make their way in store shelves within a span of three weeks.New disposable fashion has shortened the product development cycle from 16months to 20 days.

 

Promotion:


In integrated communication is as essential part of themarketing mix. This is even more important for clothing industry ascommunication is a critical tool in creating an impression in the minds of theconsumers. An apparel, to become acceptable by public must first be adopted bya group which has acknowledged respect in the society. Celebrities are the mostinfluential people who can influence public opinion. CPR (Consumer PersonalReference) marketing refers to the process of marketing where a customerpublicizes a brand by accepting the product and spreading the trend by word ofmouth.



Product:


Product not only refers to tangible items but also tointangible attributes such as brand name and customer service. Earlier it wasbelieved that a good product will sell itself. In todays competitive market,there is no such commodity as bad product. So, manufacturers must focus oncreating a product or service that will satisfy the demands of the consumers.The product characteristics must be defined with functionality, quality,appearance, brand service, support and warranty.


 

Place:


Apart from price and quality, the place of distribution must also be taken into consideration while creating a right marketing mix, as the apparel industry is primarily based on perception. Store designs must be deployed to create an elegant atmosphere emphasizing a brand image and reflecting current trends. Focus must also be kept on the distribution processes and partners, without which even excellent products will fail. Big revolutions in business have come about by changing place. Location, logistics, channel motivation, service levels, and channel members must be taken into consideration.


Good marketing mix is like an appetizing food recipe. The key for a successful strategy is the right combination of ingredients to get the right taste of food. The key ingredients of a successful marketing mix modeling such as product, price, place, and promotion needs to be combined in the right way, and in the right time for an appropriate marketing of a product.



References:


1.       http://www.decisionanalyst.com

2.       http://www.enewsbuilder.net

3.       http://www.thetimes100.co.uk/

4.       &sec=article&uinfo=<%=server.URLEncode(2358)%>" target="_blank">http://www.valuebasedmanagement.ne